Real Estate Terms
Fair Credit Reporting Act: A Federal law protecting consumers by regulating the disclosure of credit reports by credit institutions and the remedies consumers have for correcting errors on their credit report.
Fair Market Value: The price that buyer is probably willing to pay and a seller is probably willing to accept for a property.
False Advertising: Misrepresentations in advertising concerning a property, price or terms.
Fascia: Flat boards which enclose the eaves.
Fee Simple: A type of estate whereby the owner enjoys complete ownership of a property wihtout restrictions and the right to dispose of the property.
Federa Fair HOusing Law: A Federal law which prohibits discrimination in the sale or rental of real estate property because of race, color, sex, religion or national origin.
Federal Tax Lien: A lien attached to real estate property for unpaid federal taxes.
Federal Deposit Insurance Corporation (FDIC): A government entity that provides for the stability and public confidence in the nations financial institutions by insuring deposits and ensuring safe banking principles.
Federal Home Loan Mortgage (FHLMC): Also know as "freddie Mac"; a part of the secondary market, particularly used to purchase loans from savings and loan lenders within the Federal HOme Loan Bank Board.
Federal Housing Administration (FHA): A government entity responsible subsidized financing for first-time, low-income home purchasers.
Federal National Loan Mortgage Corporation (FNMA): Popularyl known as "Fannie Mae"; a privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by the VA, as well as conventional home mortgages.
Federal Emergency Management Agency (FEMA): A government entity that provides for disasters.
FICO Score: a number used to score credit worthiness of an individual based on many factors including history of timely payments, outstanding debt and ability to pay.
Fiduciary: A person representing another under the premise of trust in a transaction
Finance Charge: The total cost a borrower must pay, directly or indirectly, to obtain credit according to Regulation Z.
First Mortgage: The principle or "first" mortgage on a property, whereby all other mortgages and most other liens would be secondary, etc.
Fixed Expenses: Expenses relating to property that occur naturally and are not subject to the use or non-use of the property.
Fixed Rate Mortgage: A conventional loan with a single interest rate for the life of the loan.
Fixture: Personal property which is attached to real property and considered to be part of ther real property. Unless specified and agreed upon in a sales contract, fixtures transfer to the new owner.
Flashing: The metal used around the base of the roof to prevent leaks.
Flat Roof: a type of roof that is almost flat except for a slight slope allowing for drainage.
Flip: A quick sale of a property after owning for a short period.
Flood Insurance: Insurance that covers a property for loss due to flooding waters.
Floor Plan: A detail design of a property showing placement of rooms, hallways, doors, measurements, etc.,
Footing: A partially buried support column used to eliminate settlement or shifting.
Foreclosure: A legal process that allows a lender to take back a property because of non-payment of the loan on that property.
Forfeiture: A process whereby a person can legally lose ownership of a property.
Foundation: A solid structural element upon which supports a larger structure.
Foyer: The entryway or open area upon entering a building.
Frame Construction: A type of construction where the structural elements are wood.
Free and Clear: The ownership of property whereby there are no financing liens attached to the property.
Frontage: A linear measurement of property along the street or waterway.
Full Disclosure: Disclosing all known material facts concerning a property.
Fully Indexed Rate: The maximum interest rate on an ARM that can be reached at the first adjustment
Functional Obsolescence: A type of depreciation whereby the design or material of a property is outdated or no longer functional
Real Estate Terms beginning with E
Real Estate Terms beginning with G